The plummeting yen-dollar exchange rate has led to an increase in used iPhone sales in Japan, as consumers seek to upgrade at a lower price than they would pay for a brand-new product.
The yen has reached a 32-year low against the dollar, which has largely affected the spending habits of the country’s residents. Despite being the world’s third-largest economy, the Japanese are changing the way they spend their money, preferring to buy used goods, including Apple iPhones.
Reuters reports that the change in currency is severe enough to significantly increase the price of iPhones in the country. While the iPhone 14 launched in the U.S. at a flat price of $799 (about RMB 5,769) compared to the iPhone 13, it is selling for 20 percent more in Japan.
Apple also raised the price of the iPhone 13 series models in July. At that time, the 128GB base version of the iPhone 13 went from 99,800 yen (about RMB 4,920) to 117,700 yen (about RMB 5,803).
“More than 100,000 yen ($683, about RMB 4,930), iPhone 14 is too expensive for me to buy. If only the battery lasted 10 years,” commented working-class Kaoru Nagase, who chose the used iPhone SE 2 over the new iPhone 14, which costs 119,800 yen ($814, about RMB 5,906).
Belong Inc CEO Daisuke Inoue said the currency change has forced the new iPhone 14 to cost more than the “major psychological barrier” threshold of 100,000 yen (about RMB 4,930).
Online auction houses and resale sites have also boosted sales. For example, sales on Belong’s Nicosuma site have tripled since Apple raised prices in July.
However, not all of the growth in used phone sales has come from local purchases in Japan. Used phone sales are also growing as Japan once again allows foreign tourists to visit and many users buy smartphones for the local Japanese network.
